Ghaziabad Car Loan

Get to know the latest car loan interest rates from nearly 28 banks in Ghaziabad through BankBazaar. Get Amazon vouchers worth Rs.2500 when you apply for specific car loan products through BankBazaar.
It is important to compare banks before choosing a car loan. Interest rates can change and vary from bank to bank. Get all the latest interest rates, processing fees, and quick quotes or approvals for your Ghaziabad car loan right here. Drive home in your dream car in no time at all.

About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.

Benefits of owning a car

Owning a car of your choice is no longer just a dream, it can become reality with low-interest rate car loans from top banks and NBFCs in the country. Whether you want to go on weekend road trips or weekday commutes to the office, having a car of your own can come in handy. No matter how small or big the size of your family, you can choose a car that suits your travel needs. From Sports Utility Vehicles (SUVs) and Multi-Utility Vehicles (MUVs) to hatchbacks and sedans, you can get car loans to purchase a car of your choice from the top carmakers in the market. You no longer have to worry about expensive taxi fares and rental car fees. You don’t have to go through the inconvenience of borrowing a car from a friend or a family member to get to places around the city.

Car loan application process

Take a look at the step-by-step guide to apply for a car loan in Ghaziabad:

Pick a car of your choice: There are several online and offline car dealerships that offer a range of cars from the top brands to suit the varying needs of the customers. From petrol and diesel cars to hybrid and electric cars, you can choose a car that best suits you and your driving needs. Banks and NBFCs offer new and used car loans at attractive interest rates in order to help consumers realise their automotive dreams. Therefore, pick a car of your choice and look for a reliable lender to obtain an auto loan.

Check car loan eligibility: Borrowers who meet the car loan eligibility criteria set by the lender have higher chances of loan approval. The standard eligibility criteria for a car loan includes a minimum net income of Rs.3-4 lakh, at the least 2 years work experience in the same field, a credit score of 750 or above, and the applicant’s age should be between 21 and 65 years. Before applying for a car loan, visit the lender’s website and enter your personal detail such as name, gender, age, income, and occupation into the car loan eligibility calculator in order to find out the quantum of loan you are eligible for.

Apply for car loan online/offline: Car loan application form can be downloaded from the lender’s website or obtained for the nearest bank branch. The duly-filled and signed application form should be submitted to the bank along with the necessary documents such as identity proof, age proof, address proof, and income proof.

Car loan approval: The lender will verify the details furnished by you and approve or reject the application depending on your car loan eligibility. To increase the chances of car loan approval, as mentioned above, check your car loan eligibility beforehand and work on improving your credit score. Making a large down payment can improve your chances of loan approval. Choose a loan amount that is within your repayment capacity.

Upon car loan approval, the loan amount will be disbursed to your bank account or the dealership at which you are purchasing the car within a matter of a few hours.

Car Loan Repayment

Car loans are repaid in fixed monthly installments over a specified loan tenure called Equated Monthly Installments (EMIs). The borrowers pay monthly EMIs that consists of principal and interest. The loan tenure for car loans usually ranges from 1 to 7 years in the case of new car loans and 1 to 5 years in the case of used car loans. The rate of interest on car loans is determined by the lender. The interest rate differs depending on the type of car loan - new or used car loan and the loan tenure - short or long loan repayment period. Some lenders offer lower interest rates to existing customers.

It is advisable to maintain a low debt-to-income ratio wherein your car loan EMI doesn’t exceed more than 40-50% of your income so as to avoid defaulting on your car loan repayment. Putting down a large down payment on your car can also bring down the cost of your car loan.

Car loan fees and charges

Processing fee: Lenders levy a processing fee which is a small percentage of the principal amount that has to be paid upfront at the time of loan disbursal. Some lenders waive off the processing fee as a discount on special occasions or for special customers.

Prepayment fee: If you want to prepay your car loan in part or full, lenders levy a fee called the prepayment/preclosure fee which is a small percentage of the prepayment/preclosure amount. The percentage differs depending on the time period during which you make the prepayment. Car loan prepayment is allowed only twice over the loan tenure and only once in a year. You can pay a part or the whole of the loan amount only after 6-12 successful EMIs.

Foreclosure fee: Lenders allow borrowers to prepay their car loan in full before the end of the loan tenure called foreclosure. They also levy a penalty fee called the foreclosure fee for such as an allowance. Foreclosure fee is a small percentage of the foreclosure amount. However, if the foreclosure amount plus the foreclosure fee is more than the regular EMIs then it is advisable to settle for making additional EMI payments or increasing the percentage of yearly EMIs. This way, borrowers can save on interest.

Car Loan Interest Rates in Ghaziabad 2018

Bank

Interest Rate

Processing Fee

Loan Tenure

Loan Amount

State Bank of India

8.90% - 9.40%

Rs.1,000 to Rs.1,500 plus GST

7 years

Up to 85% of the on-road price of the car

HDFC Bank

9.00% - 10.25% p.a.

0.4% of loan amount or Rs.10,000, whichever is lower

1 to 7 years

Up to 100% financing

ICICI Bank

10% - 1.75% p.a.

Rs.2,500 to Rs.5,000

1 to 7 years

Up to 100% of ex-showroom price of the car

Dena Bank

9.05% p.a.

Nil

1 to 7 years

Rs.1 lakh to Rs.2 crore

Axis Bank

8.50% - 11.25% p.a.

Rs.3,500 to Rs.5,500

1 to 7 years

Rs.1 lakh minimum and maximum up to 100% on-road price of the car

Bank of India

8.90% p.a.

Rs.500 plus GST

7 years

Rs.50 lakh to Rs.1 crore

Canara Bank

8.70% - 9.25% p.a.

0.25% on the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.5,000

7 years

Up to 80-90% of the on-road price of the car

Central Bank of India

8.85% p.a.

0.50% of loan amount subject to a minimum of Rs.2,000 and maximum up to Rs.20,000

7 years

Rs.75 lakh maximum

Note: Interest rates and processing fees are subject to change at the discretion of the banks. Check the official website of the bank for applicable rates and fees.

Ghaziabad Car Loan FAQs

Here are some of the frequently asked questions about car loans:

How to calculate car loan EMI?

Car loan EMI can be calculated using the car loan EMI calculator that is available on the lender’s website. It is an online tool that is easy to use and gives instant and accurate results. You have to just enter your proposed car loan amount, interest rate, and loan tenure into the tool. You will get the EMI results in the form of an amortisation table which is a periodic representation of your loan repayment schedule.

Why is it important to calculate car loan EMI beforehand?

Depending on the EMI results, you can find out how much your proposed car loan will cost you on a monthly basis. You can also create a budget that will ensure you don’t default on your car loan. What’s more, you can also make informed decisions on whether or not to prepay the loan or shorten your loan tenure in order to save on interest.

Who are eligible for a car loan?

Salaried employees, self-employed persons, business people, professionals, corporates, firms, societies, agriculturists, central and state government employees, and pensioners can apply for a car loan. They must be aged between 21 and 65 years, have a steady income, and a good credit score.

What happens if you default on your car loan?

The lender has the right to repossess the car if a borrower defaults on his car loan. The car will be put up for auction in order to compensate for the outstanding dues. The borrower can choose to bid for the car in the auction if he or she has sufficient funds to pay for the car after repossession.

How to improve my credit score?

Paying your credit card bills on time, making loan EMI payments on time, and maintaining a balance between secured and unsecured loans can help improve your credit score. Keep in mind, multiple loan rejections, bankruptcy, delayed/skipped EMI payments and credit card bill payments, and defaulting on loans can have a negative effect on your credit score.

Don’t forget to carry the documentation for insurance of car whenever you drive.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Ghaziabad Car Loan Reviews

I have purchased a Maruti Car and Kotak has offered me a 100% funding. The interest rate was bit higher than the others. There was a processing fee and it was okay. I have paid almost 42 months and tenure is 60months. There is an option for part payment and pre closure with 4%.

I have been using my car loan with Magma Fincorp previously, they have given me sufficient loan amount ,the rate of interest they have charged me was high,and the processing fee they have charged me was high , i was not happy with there service.

I have been using my car loan with HDFC bank, there service is too good, the loan amount they have given me was sufficient,the rate of interest they have given me up to 9% which is nominal for me,and the processing fee they have charged me was nominal only they have charged me up to 1% only,and still my loan is running ,there was no hidden charges they have charged apart from that,overall service is good.

My car loan was taken with CORPORATION BANK , services which has been given through this bank is great . Processing fee is nominal and tenure period is 5 year . They charge very nominal rate of interest compare to other . My experience with CORPORATION BANK is very great .

My experience was good with HDFC bank for car loan, the process was smooth and i received my loan amount on time. Customer service was good with this bank and they followed up on time. Tenure period for this loan is 7 years out of which 3 years already completed.

It has been a very good experience i had with this loan, the loan amount which they had provided has been satisfactory. The interest rate with them also had been very much less when compared with the market rate. There has not been any hassle faced with their banking services so far.

I've been using the BankBazaar.com platform for a while, the website is very useful to compare and choose the best financial products out there in the market. Their customer support follow up was also really good. Overall I never had any issue with their services.

I applied for a car loan 4.4L for 5 years from BankBazaar . I got so many calls and I got confused, the loan experience was really good. Overall it was a good experience. Other than the too many calls I received the whole process was fine and finally I received the loan.

My car loan is with HDFC Bank and the process is good. The customer services and response is good and there are no issues in the overall process. The rate of interest and charges is normal and the after loan services are also good. In all a good experience.

I am happy with the services of Bankbazaar.com as they were on time to reach out to me and provide me with the details. The team followed up as well. The website is good and there are no issues while navigating through it. It is informative and useful.

My car loan is with ICICI Bank and the process was on time and it was a very fast process as well. I got the loan in three days. The rate of interest was of 8.50% and the processing fees was of 3500. The tenure is for five years. I have taken a Maruti Suzuki Vitara Brezza.

I have taken car loan from HDFC and the approved loan amount was 5 lakhs. The rate of interest was 8.89% and it was nominal. The monthly EMI comes around 11000 for a tenure of 5 years. The document process was simple. There was some processing fee.

Recently I have got the card loan from the ORIENTAL BANK OF COMMERCE around 5 months ago. They took around 10 to 15 days time to disburse the loan amount. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the OBC car loan service.

My car loan was taken with HDFC bank 1 month back. The loan amount was 2.5 lakhs and the Interest rate was 9.65 which was average in the market .The loan process was good and smooth . The processing fee was 6000. My overall experience was very good and its recommendable.

I have taken a Car loan with Yes bank and it was a good loan experience. The loan amount was for Rs 14 lakhs with the rate of interest of 13% which is high when compared to other banks. The process was smooth and i received my loan amount on time. Customer service was good and they followed up correctly. The tenure of this loan is 4 years and it was overall a good service from Yes bank.

I have taken a Car loan with Kotak Mahindra Bank and the loan experience was good. The loan amount was for Rs 14 lakhs with the rate of interest of 9.25% which is nominal when compared to other banks. I have taken Scorpio Top Model diesel version. The process was smooth and i received my loan amount within the given time. Customer service was good and they responded on time. The tenure of this loan is 3 years and it was overall a good service from Kotak.

I have my car loan with ICICI bank which was taken 10 years back . The tenure period was 5 years and the interest rate was very high than other banks in the market . The loan process was not satisfactory since I had an issue in receiving NOC so the process was bit tedious. My overall experience was not bad .

I have my car loan with AXIS Bank which was taken 1 year back .The loan amount was 2.5 lakhs and the interest rate was 10-11% which was average in the market .The tenure period was 5 years and the process was quite easy .They have provided door step service for coletcing documents. My overall experience was excellent.

My car loan was taken with HDFC bank 1 year back. The loan amount was 6 lakhs and the Interest rate was 10-11% which was avergae in the market . The customer service and responses was up to the mark. The tenure period was 5 years and the loan process was very good. It took 2 days and the processing fee was nominal . My overall expererenc was good and Its recommendable.

I got a Renault Kwid using this finances. I got the Loan immediately within 20 hours the whole process got approved and money was also disbursed within that time. Their Rate of Interest offerdable. The overall experience with them until now has been good.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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